High Performance Polyamides Market Revenue Growth Predicted by 2018-2026
Posted by Aman Jain on May 8th, 2019
High performance polyamides (HPPA) have the ability to withstand extreme conditions such as heavy moisture, continuous exposure to heat and chemicals. Also, HPPA’s offer improved dimensional stability as compared to conventional polyamides such as PA 6 and PA66, owing to the low moisture absorption property. Gradually bridging the performance and cost gap between the engineering polyamides and other high performance polymers, HPPAs find extensive use in electronics, automobiles, medical and various other demanding applications. Coherent Market Insights projected the market for high performance polyamides to grow at a healthy rate over the forecast period (2016-2024).
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High Performance Polyamides Market Outlook- Asia-Pacific is expected to be the top investment destination for key market players
Region-wise, the global high performance polyamides market is classified into North America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific region currently dominates the global high performance polyamides industry, both in terms of value and volume, owing to the growing demand from various end-user industries such as pharmaceuticals, automotive, and electrical & electronics from countries such as China and India. Also, the large presence of major manufacturers in the region drives growth of the market for high performance polyamides in the Asia-Pacific region.
The key players identified in the global high performance polyamides market are BASF SE, Kuraray Co., Ltd., Royal DSM N.V., Evonik Industries AG, E.I. DuPont de Nemours and Company, Solvay S.A., SABIC, Arkema SA, Lanxess AG, EMS Grivory and Mitsui Chemicals. Others players present in the market are EMS-Chemie Holding AG, Mitsubishi Gas Chemical Company, Inc., Toyobo Co., Ltd., Zhejiang NHU Co., Ltd., and Ube Industries, Ltd.
Key players in the global high performance polyamides market are currently focused on strategic investments and expansion strategies to enhance their production capabilities. For instance, in September 2016, Arkema SA expanded its existing specialty polyamides production capacity in China and U.S., through an investment of US$ 10.6 million. Furthermore, in February 2016, Evonik Industries AG announced plans to build a new plant in Germany for production of polyamide 12 powder under the brand name Vestosint.
The global high performance polyamides market is driven by the escalating demand for high performance polyamides in the pharmaceuticals industry, due to its exceptional properties such as high chemical resistance, rigidity, impact resistance, high temperature resistance, impermeability, light weight and high tensile strength. The automotive industry is witnessing increasing demand for HPPA as a result of increasing lightweighting of vehicles characterized by rapid shift towards lighter non-metal components. Furthermore, demand for specialty polyamides is spurred by development of unconventional oil & gas technologies. However, difficulty in processing of HPPAs along with factors such as high cost of HPPA’s as compared to other conventional polymers and high threat of substitution from composites and hybrid polymers are expected to hamper market growth in the near future.
High Performance Polyamides: Market Taxonomy
By Product Type
On the basis of product type, the global market is segmented into:
By End-user Industry
On the basis of end-user industry, the global market is segregated into:
Among all the available types of high performance polyamides, the PA 11 type accounted for the largest share of the market in 2015 and the trend is expected to continue over the forecast period, owing to its cost-effectiveness and easy availability. Moreover, PA 11 finds a variety of applications in automotive, sports, oil & gas, and textile industry. Among end-user industries, the automotive segment accounted for the major share of the global high performance polyamides market in 2015, owing to the rising adoption of these polyamides in coolant systems, engine components, induction systems, and manufacturing of fuel systems. However, the pharmaceuticals industry is projected to witness fastest growth in the global market over the forecast period due to the rising adoption of HPPAs in various applications.
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About the AuthorAman Jain
Joined: April 2nd, 2019
Articles Posted: 132
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